Paper: FAA, 6 March 2022 · Accountancy = Q31–Q60 (30 marks)
Answers: from the published revised key printed with the paper. Four are Null (dropped) or double-keyed — flagged in place.
Coverage: 30 / 30 mapped across 17 chapters .
⭐⭐ Seven of these 30 came back in FAA 2024.
Five are verbatim (same stem, same options, same order) and two are rephrased with the same answer . That is 23 % of the section recycled from one FAA paper to the next — the strongest repeat signal in the vault. Marked 🔁 below.
2022 2024 Question Ans Match Q36 Q35 Which of the following is correct? (accounting equation) C Verbatim Q41 Q39 In a bank statement, cash deposited is shown as B Verbatim Q48 Q47 Audit to check financial controls & irregularities = which type? C Verbatim Q53 Q45 Partners 3:2 admit a new partner with 1/5 share — new ratio? B Verbatim (only the names changed: P,Q,Y → M,N,P) Q57 Q50 Trial balance helps check the accuracy of the B Verbatim Q37 Q41 Unpresented cheque = ? / cheque issued but not yet presented outstanding Rephrased, same answer Q59 Q42 PFMS was earlier known as CPSMS Rephrased, same answer
≈ 5–7 marks were free for anyone who had worked this paper. Learn all seven cold.
(4 questions — the joint-biggest) Q Question Ans Note 31 Copyright is a/an — A) Asset B) Liability C) Expense D) ProfitA An intangible asset. Related: patents, goodwill, trademarks. 33 ______ refers to anything that has an economic value attached to it — A) Asset A Straight definition. 51 Decreasing value in tangible assets due to normal wear and tear — D) depreciation D ⚠️ Trap: amortization is the same idea for intangibles , depletion for natural resources. 60 Expense incurred to start a business is a — A) fictitious asset A Preliminary expenses: no resale value, written off over time.
(2) Q Question Ans Note 36 🔁Which of the following is correct? — C) asset = liability + equity C 🔁 Verbatim in 2024·Q35. The fundamental equation. 40 Assets ₹2,00,000, equity ₹50,000 → liability? — C) ₹1,50,000 C Same equation, applied numerically.
(1) Q Question Ans Note 50 In double-entry book keeping — C) recording a transaction and giving it debit & credit entry C Every transaction has a dual aspect .
(1) Q Question Ans Note 44 ______ is documentary evidence of a transaction — C) Voucher C Compare 2024·Q38 : receipt = proof of payment . Voucher = evidence of the transaction .
(2) Q Question Ans Note 52 Which accounts are maintained in the ledger? — C) real, personal and nominal C All three classes live in the ledger. 54 Ledger account is prepared with the help of — C) Journals C Journal → posting → Ledger. (2024·Q46 asked the name of that step: posting .)
(1) Q Question Ans Note 56 In case of an overcharge , which document is issued? A and B ⚠️ Double-keyed. Depends who acts: the buyer issues a debit note , the seller issues a credit note . Know both directions.
(2) Q Question Ans Note 38 How frequently is the Trial Balance prepared? Null ⚠️ Dropped. A TB can be drawn at any interval — monthly, quarterly, yearly. No option is right. 57 🔁Trial balance helps to check the accuracy of the — B) ledger B 🔁 Verbatim in 2024·Q50. TB proves arithmetical accuracy of ledger postings only.
(2) Q Question Ans Note 32 Positive balance on the debit side of P&L indicates B and D ⚠️ Double-keyed / badly worded. The rule to learn: debit balance in P&L = NET LOSS , credit balance = net profit. 35 Loss due to fire in a factory is recorded in — C) profit and loss statement C An abnormal loss — it is not a trading expense.
(2) Q Question Ans Note 37 🔁Unpresented cheque is also known as — D) outstanding cheque D 🔁 Rephrased in 2024·Q41 ("issued by a firm but not yet presented to the bank"). Same answer. 41 🔁In a bank statement, cash deposited is shown as — B) credit B 🔁 Verbatim in 2024·Q39. The bank now owes you more, so it credits your account. Your own cash book debits it.
⭐ BRS keeps delivering. 2 marks here, and it is the vault's most reliable chapter across every paper.
(2) Q Question Ans Note 49 In the absence of a profit-sharing ratio, profit is divided — A) equally A Indian Partnership Act default. Also: no interest on capital, 6 % on loans. 53 🔁P & Q share 3:2, admit Y with 1/5 — new ratio? — B) 12:8:5 B 🔁 Verbatim in 2024·Q45 (names changed). Y takes 1/5; the rest (4/5) splits 3:2 → P = 4/5×3/5 = 12/25 , Q = 8/25 , Y = 5/25 .
(1) Q Question Ans Note 55 Opening capital ₹80,000, closing ₹1,00,000 — profit or loss? — C) profit ₹20,000 C Statement-of-affairs method: Profit = Closing capital − Opening capital (+ drawings − fresh capital).
(1) Q Question Ans Note 45 Main goal of financial management — D) maximize shareholder's wealth D ⚠️ Trap: not profit maximisation. Wealth maximisation accounts for time value and risk .
(2) Q Question Ans Note 43 Main objective of audit — B) express a true and fair opinion B ⚠️ Trap: detecting fraud is incidental , not the main object. 48 🔁Audit of financial controls & irregularities — C) internal audit C 🔁 Verbatim in 2024·Q47.
(2) Q Question Ans Note 34 Classifications under social accounting Null ⚠️ Dropped. The textbook answer is B — households, government, enterprises (classification by transactor/sector ). Learn B. 58 "Social accounting" was first introduced by — B) J. R. Hicks B Name-recall. Pair it with Q34.
(1) Q Question Ans Note 59 🔁PFMS was earlier known as — B) Central Plan Scheme Monitoring System B 🔁 2024·Q42 asked the same thing with cleaner options (CPSMS). CPSMS → PFMS. Best marks-per-page chapter in the book.
(3 — the biggest single chapter here) Q Question Ans Note 39 Meaning of incidence of tax — C) who will bear the burden C ⚠️ Incidence = final burden. Impact = who pays first. Classic pair. 46 Direct tax is NOT applicable on — B) agricultural income B Exempt under Section 10(1). 47 GST was implemented on — B) 1st July 2017 B Free mark.
⭐ Taxation was already worth 3 marks in 2022 , before it grew to 5 in 2024. It is not a new risk — it is a growing one.
(1) Q Question Ans Note 42 Raising money from the public for the first time — B) initial public offer B IPO vs FPO vs private placement vs green-shoe.
Chapter Qs Count Ch 2 Basic Accounting Terms 31, 33, 51, 60 4 Ch 23 Taxation 39, 46, 47 3 Ch 4 Accounting Equation 36, 40 2 Ch 7 Ledger Accounts 52, 54 2 Ch 10 Trial Balance 38, 57 2 Ch 13 Profit & Loss Account 32, 35 2 Ch 15 Bank Reconciliation ⭐⭐ 37, 41 2 Ch 16 Partnership Accounts ⭐⭐ 49, 53 2 Ch 19 Financial Audit 43, 48 2 Ch 20 Social Accounting 34, 58 2 Ch 5 Double Entry 50 1 Ch 6 Voucher Approach 44 1 Ch 8 Subsidiary Books 56 1 Ch 17 Single Entry System 55 1 Ch 18 Financial Management 45 1 Ch 22 PFMS ⭐ 59 1 Ch 26 Indian Financial System 42 1 Total 30
Chapters that scored ZERO in 2022: 1, 3, 9, 11, 12, 14, 21, 24, 25, 27 — ten chapters, no questions.
